Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    240 Lucy Dr Harrisonburg, VA 22801-8036

    • Medical Office Space
    • 648 SF
    • 1.79 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3058499
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Roberta Gray / Midwife / Obstetrician-Gynecologist
    • Mc Donald-Brou Tammechien / Midwife
    • Melody M. Mast, CNM / Physician
    • Schaeffer Ann M / Midwife

    Property Details for 240 Lucy Dr

    Year built
    2008
    Lot size
    1.79 lot acres
    Property size
    648 SF
    Zone code
    MULTI DWELL RESID
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    077 A 3
    APU
    077A3

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Harrisonburg City
    State
    Virginia
    Longitude
    -78.8463
    Latitude
    38.4239
    CBSA code
    25500
    CBSA name
    HARRISONBURG, VA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2021
    $21,677
    $819,200
    $1,589,400
    $2,408,600
    -
    $819,200
    $1,589,400
    $2,408,600

    Comparable in this City

    • Value Estimation by Request
      1,440 SF

      243 Neff Ave Ste V

      MEDICAL BUILDING • 1,440 SF
      243 Neff Ave Ste V, Harrisonburg, VA 22801-3486
      View Details
    • Value Estimation by Request
      5,120 SF

      2105 Evelyn Byrd Ave

      MEDICAL BUILDING • 5,120 SF
      2105 Evelyn Byrd Ave, Harrisonburg, VA 22801-5431
      View Details
    • Value Estimation by Request
      2,968 SF

      339 Lucy Dr

      MEDICAL BUILDING • 2,968 SF
      339 Lucy Dr, Harrisonburg, VA 22801-8050
      View Details
    • Value Estimation
      $6,145,000
      4.00 Acres

      4165 Quarles Ct

      MEDICAL BUILDING • 4.00 Acres
      4165 Quarles Ct, Rockingham, VA 22801-3576
      View Details
    • Value Estimation by Request
      2,184 SF

      1733 Erickson Ave

      MEDICAL BUILDING • 2,184 SF
      1733 Erickson Ave, Harrisonburg, VA 22801-8555
      View Details
    • Value Estimation by Request
      1,620 SF

      2058 Pro Pointe Ln

      MEDICAL BUILDING • 1,620 SF
      2058 Pro Pointe Ln, Harrisonburg, VA 22801-8021
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.00 Acre

      Harrisonburg Commercial Land

      Prime Medical & Retail Lots
      0 Naomis Way, Harrisonburg, VA 22801
      View Details
    • $2,290,000
      10,950 SF

      Medical Office Condo For Sale

      Two-story medical office condo leased to UVA Pediatrics.
      1947 Medical Ave, Harrisonburg, VA 22801
      View Details
    • $557,000

      Prime Corner Lot Near Hospital

      One-acre corner lot suitable for office or medical use.
      3545 Way Naomi’s, Harrisonburg, VA 22801
      View Details
    • $2,200,000
      7,197 SF

      Harrisonburg Office Building For Sale

      7,200 SF professional office building in high-traffic location.
      530 Neff Ave, Harrisonburg, VA 22801
      View Details
    • $995,000
      5,199 SF

      Professional Office Building For Sale

      5,200 SF office building in Rockingham County, Virginia.
      1591 Port Republic Rd, Harrisonburg, VA 22801
      View Details
    • Contact for pricing
      2,500 SF

      Executive Office Space, Harrisonburg VA

      Prime Harrisonburg Office/Retail Space Available
      41 Carpenter Ln, Harrisonburg, VA 22801
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      11,482 SF

      Copperstone 1: Prime Office Space

      11,482 SF Office, Multiple Uses Available
      847 M.l.k. Jr Way, Harrisonburg, VA 22801
      View Details
    • $18 SF/Yr
      2,169 SF

      Neff Avenue Office Building For Sale

      Prime Medical/Office Space Available
      590 Neff Ave, Harrisonburg, VA 22801
      View Details
    • Contact for pricing
      1,078 SF

      Professional Office Space Available

      Office space for rent with excellent signage and parking.
      560-590 Neff Ave, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr

      Professional Office Space Available

      Thriving therapy office with flexible rental options on Route 33.
      2704 Spotswood Trl, Harrisonburg, VA 22801
      View Details
    • $28 SF/Yr
      10,464 SF

      Medical Office Building For Lease

      10,464 SF medical office space available in Spring 2026.
      2291 Evelyn Byrd Ave, Harrisonburg, VA 22801
      View Details
    • $1.00 SF/Yr

      Harrisonburg Office Space For Rent

      Office space in vibrant downtown Harrisonburg with flexible layout.
      234 E Market St, Harrisonburg, VA 22801
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    240 Lucy Dr
    Harrisonburg, VA 22801-8036
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!